Bitcoin Hits $122K Before Whale Sell-Off Sparks Market Jitters

Bitcoin (BTC) surged past $122,000 this week, marking a staggering 300% rally from recent lows. However, the euphoria quickly turned into caution as whale activity introduced heavy selling pressure. On the daily chart, BTC made a clean breakout above the $112,000–$114,000 resistance, backed by strong volume. Technically, this should have triggered further upside, especially with the 50-day EMA at $107,800 and the 200-day EMA at $97,000 still below current price levels.

But the bullish setup is being overshadowed by fundamental concerns. The wallet associated with a known whale holding 80,000 BTC has begun moving coins—transferring over 16,843 BTC (worth approximately $2 billion) to Galaxy Digital, a major OTC desk. The market reacted swiftly, with Bitcoin plunging over $6,000 in minutes due to panic-driven selling even before the bulk of coins hit exchanges.

This highlights a key vulnerability in Bitcoin’s low-float rally dynamics: sharp volatility and liquidity drains when large holders unload. The mass exit triggered a 300% spike in daily trading volume, further amplifying the impact.

Despite staying above the short-term support zone near $111,000, buyers are clearly pulling back after the rejection at $122,000. If Galaxy Digital initiates full liquidation, Bitcoin could retest the $107,000–$110,000 range.

While BTC’s long-term uptrend remains intact, the risk of rapid reversals driven by single-entity moves remains high. Traders should closely monitor on-chain activity and prepare for heightened volatility as the market digests this $2 billion selloff. Whale movements like this continue to shape short-term sentiment in the crypto market.